The second would not to displease his counterpart of gas of France

There is the official discourse: "In a project of such size, it is normal that there be transient voltages." And then there is the confidence of those involved closely or to discussions of the last few days between Suez and gas of France. They hide more concern as to finalize the famous "Treaty of fusion", intended to formalize the name, organization, governance and the perimeter of the new set. "I have never seen a such misunderstanding between two parties", reflects a banker involved in the operation. "Today, between Suez and gas of France has a chance on two of shattered," predicted another privileged observer of the record. In fact, while the two groups were given until the end of the month to deal with the topics that get angry, as the distribution of key positions in management, or the financial terms of the transaction, tensions did that get worse over the past week. To the point that the President of gas of France, Jean-François Cirelli, left repeatedly poses the threat of his resignation. The decision not fail plume. It would put especially Government in well sensitive situation, while senators are preparing, in turn, to vote the privatization of the Habs gas.

The new map in the game

Over the weekend, the various protagonists have done, it seems, to not get this far. While some in gas France, spoke again Friday in a "misappropriation of public property" and of the "coup" directed by Suez, which was preparing to "now all management positions", the points of view "are again converge' explained on last night's companies. Clearly, while 75 of management positions seemed promised to men of Suez, Gérard Mestrallet should finally more spaces from leaders of the French gas reserve. As a sign of appeasement, it is also conceivable that it leaves the name of gas of France precede the Suez when it will be officially christen the future set.

Remains hard to negotiate something. The parity. He has escaped to anyone these days, that the shareholders of Suez continued to advocate for a significant adjustment of the terms of trade. In a letter addressed to Gérard Mestrallet, nine of them, and not least because they claim 10 of the capital of the Franco-Belgian group, again claimed the week passed a revision of the announced parity (1 action SFM for 1 share Suez, more 1 euro exceptional dividend to the shareholders of Suez), either by distributing more than expected (up to 3 or 4 euros of exceptional dividends), or by transferring polar environment. The first option of course has the preference of the pattern of Suez. The second would not to displease his counterpart of gas of France. The last word, it is questioned, will return to the Government, which has recently a new card in the game: in the event where it wants to force the hand of the President of Suez, in pushing to get rid of water activities and cleanliness, just found a buyer emerged in the person of François Pinault. It then recall this confidence recently made by the breton businessman: "in this case, I am not a problem, I am the solution.